Title : Special Provision in Respect of Certain Industrial Undertakings in North-eastern Region
State : Central
Year : 1961
1[(1) Subject to the provisions of this section, any profits and gains derived by an assessee from an industrial undertaking, which has begun or begins to manufacture or produce any article or thing on or after the 1st day of April, 1998 in any Integrated Infrastructure Development Centre or Industrial Growth Centre located in the North-Eastern Region (hereafter in this section referred to as the industrial undertaking) shall not be included in the total income of the assessee. (2) This section applies to any industrial undertaking which fulfils all the following conditions, namely : (i) it is not formed by the splitting up, or the reconstruction of, a business already in existence : Provided that this condition shall not apply in respect of any industrial undertaking which is..... View Complete Act List Judgments citing this sectionTitle : Income from Property Held for Charitable or Religious Purposes
State : Central
Year : 1961
(1) Subject to the provisions of sections 60 to 63, the following income shall not be included in the total income of the previous year of the person in receipt of the income - (a) income derived from property held under trust wholly for charitable or religious purposes, to the extent to which such income is applied to such purposes in India ; and, where any such income is accumulated or set apart for application to such purposes in India, to the extent to which the income so accumulated or set apart is not in excess of 1[fifteen per cent] of the income from such property ; (b) income derived from property held under trust in part only for such purposes, the trust having been created before the commencement of this Act, to the extent to which such income is applied to such purposes..... View Complete Act List Judgments citing this sectionTitle : Special Provision Relating to Incomes of Political Parties
State : Central
Year : 1961
Any income of a political party which is chargeable under the head Income from house property or Income from other sources or 1[Capital gains or] any income by way of voluntary contributions received by a political party from any person shall not be included in the total income of the previous year of such political party: Provided that - (a) such political party keeps and maintains such books of account and other documents as would enable the Assessing Officer to properly deduce its income therefrom; (b) in respect of each such voluntary contribution in excess of 2[twenty thousand rupees], such political party keeps and maintains a record of such contribution and the name and address of the person who has made such contribution; and (c) the accounts of such political party are..... View Complete Act List Judgments citing this sectionTitle : Deductions from Income from House Property
State : Central
Year : 1961
1[Income chargeable under the head Income from house property shall be computed after making the following deductions, namely: (a) a sum equal to thirty per cent of the annual value; (b) where the property has been acquired, constructed, repaired, renewed or reconstructed with borrowed capital, the amount of any interest payable on such capital: Provided that in respect of property referred to in sub-section (2) of section 23; the amount of deduction shall not exceed thirty thousand rupees: Provided further that where the property referred to in the first proviso is acquired or constructed with capital borrowed on or after the 1st day of April, 1999 and such acquisition or construction is completed 2[within three years from the end of the financial year in which capital was..... View Complete Act List Judgments citing this sectionTitle : Investment Allowance
State : Central
Year : 1961
(1) In respect of a ship or an aircraft or machinery or plant specified in sub-section (2), which is owned by the assessee and is wholly used for the purposes of the business carried on by him, there shall, in accordance with and subject to the provisions of this section, be allowed a deduction, in respect of the previous year in which the ship or aircraft was acquired or the machinery or plant was installed or, if the ship, aircraft, machinery or plant is first put to use in the immediately succeeding previous year, then, in respect of that previous year, of a sum by way of investment allowance equal to twenty-five per cent of the actual cost of the ship, aircraft, machinery or plant to the assessee: Provided that in respect of a ship or an aircraft or machinery or plant specified in..... View Complete Act List Judgments citing this sectionTitle : Special Provision in Case of Income of Public Financial Institutions, Public Companies, Etc. .
State : Central
Year : 1961
1[Notwithstanding anything to the contrary contained in any other provision of this Act, - (a) in the case of a public financial institution or a scheduled bank or a State financial corporation or a State industrial investment corporation, the income by way of interest in relation to such categories of bad or doubtful debts as may be prescribed2 having regard to the guidelines issued by the Reserve Bank of India in relation to such debts; (b) in the case of a public company, the income by way of interest in relation to such categories of bad or doubtful debts as may be prescribed3 having regard to the guidelines issued by the National Housing Bank in relation to such debts, shall be chargeable to tax in the previous year in which it is credited by the public financial institution..... View Complete Act List Judgments citing this sectionTitle : Special Provisions for Computing Income by Way of Royalties, Etc., in the Case of Foreign Companies
State : Central
Year : 1961
Notwithstanding anything to the contrary contained in sections 28 to 44C, in the case of an assessee, being a foreign company, - (a) the deductions admissible under the said sections in computing the income by way of royalty or fees for technical services received from Government or an Indian concern in pursuance of an agreement made by the foreign company with Government or with the Indian concern before the 1st day of April, 1976, shall not exceed in the aggregate twenty per cent of the gross amount of such royalty or fees as reduced by so much of the gross amount of such royalty as consists of lump sum consideration for the transfer outside India of, or the imparting of information outside India in respect of, any data, documentation, drawing or specification relating to any..... View Complete Act List Judgments citing this sectionTitle : Capital Gains on Purchase by Company of Its Own Shares or Other Specified Securities
State : Central
Year : 1961
1[Where a shareholder or a holder of other specified securities receives any consideration from any company for purchase of its own shares or other specified securities held by such shareholder or holder of other specified securities, then, subject to the provisions of section 48, the difference between the cost of acquisition and the value of consideration received by the shareholder or the holder of other specified securities, as the case may be, shall be deemed to be the capital gains arising to such shareholder or the holder of other specified securities, as the case may be, in the year in which such shares or other specified securities were purchased by the company. Explanation: For the purposes of this section, specified securities shall have the meaning assigned to it in..... View Complete Act List Judgments citing this sectionTitle : Capital Gain Not to Be Charged on Investment in Certain Bonds
State : Central
Year : 1961
1[(1) Where the capital gain arises from the transfer of a long-term capital asset (the capital asset so transferred being hereafter in this section referred to as the original asset) and the assessee has, at any time within a period of six months after the date of such transfer, invested the whole or any part of capital gains in the long-term specified asset, the capital gain shall be dealt with in accordance with the following provisions of this section, that is to say, -- (a) if the cost of the long-term specified asset is not less than the capital gain arising from the transfer of the original asset, the whole of such capital gain shall not be charged under section 45 ; (b) if the cost of the long-term specified asset is less than the capital gain arising from the transfer of..... View Complete Act List Judgments citing this sectionTitle : Extension of Time for Acquiring New Asset or Depositing or Investing Amount of Capital Gain
State : Central
Year : 1961
Notwithstanding anything contained in sections 54, 54B, 54D 1[, 54EC] and 54F, where the transfer of the original asset is by way of compulsory acquisition under any law and the amount of compensation awarded for such acquisition is not received by the assessee on the date of such transfer, the period for acquiring the new asset by the assessee referred to in those sections or, as the case may be, the period available to the assessee under those sections for depositing or investing the amount of capital gain in relation to such compensation as is not received on the date of the transfer, shall be reckoned from the date of receipt of such compensation: Provided that where the compensation in respect of transfer of the original asset by way of compulsory acquisition under any law is..... View Complete Act List Judgments citing this section